Cardano (ADA) faced dismissal by Arthur Hayes. The ex-CEO of BitMEX called Cardaono a ‘wannabe Ethereum’ as he questioned its importance. In a recent discussion with Coin Bureau, Hayes called Cardano “the first wannabe Ethereum” and expressed doubt over the significance of this cryptocurrency in relation to digital money which could ever turn it into some first case of irrelevance.
Hayes’ views on Cardano
In the crypto universe, according to Hayes, substance should take priority over form. He warned investors against falling for projects with glossy marketing but no real technological advancement. According to Hayes many altcoin projects in the market promise revolution without having the necessary engineering or cryptographic accomplishments.
According to Hayes, “When you detect that you’re being marketed to too heavily, that should give you a bit of pause.” EOS is an example that he used and global promotions featuring famous personalities overshadowed what investors saw as its essence.
When the topic of Bitcoin ETFs came up, Hayes described how investment products in the crypto world have changed over time. He observed a number of major milestones and differences in regulatory treatment and market acceptance through the years. Nonetheless, he derided the recent approval of Bitcoin ETFs, arguing that it doesn’t bring financial freedom but is just another way for traditional financial institutions to make money from cryptocurrency mania.
“It’s a trading product that makes fees for BlackRock and Fidelity and all the other major asset managers,” said Hayes.
He called out all the ADA ‘believers’
Hayes was also not afraid to express himself on social media. Hayes even took to social media where he further criticized Cardano. On X, he put ADA supporters into question by asking them if they knew any heavily used dApps on the Cardano platform. In his tweet, which was sent to Charles Hoskinson appeared doubtful about Cardano’s utility when he commented “That’s why $ADA is dog shit.”
At the time of this writing, Cardano’s market condition has been highly volatile and currently, ADA is being sold at $0.5862, which shows a decrease of 6.94% in the last 24 hours. As with the cap, this has also decreased by 7.22% to around $20.79 billion. Nevertheless, ADA remains the eighth-largest digital currency by market capitalisation.
From the perspective of trading volume, over the previous day, it has risen by 3.64%, which amounts to close to $716.1 million. It represents about 3.44% of ADA’s total cap on the marketplace.
